What is Product

Strategy

How do you develop a product strategy

  1. Talk with your prospects
  1. Develop a high-level vision
  1. Define the product's goals
  1. Use those goals to guide the roadmap
  1. Continuously review the product vision and strategy

Vision

Why is Product strategy important

  1. It provides clarity for your company
  1. It helps you prioritize your product roadmap
  1. It improves your team's tactical decisions

What are the key components of a product strategy

1.The market for the product and the specific needs it will address

  1. The product's key differentiators or unique selling proposition

What's in a product strategy

  1. product vision
  1. Goals
  1. Initiatives

Why is product vision important

  1. It help you develop a better product roadmap
  1. It improves your strategic decision-making throughout the development process
  1. It will help you align teams and stakeholders across the company

who is responsible for defining the product vision

everyone

examples of real-world vision statements

Google-to provide access to the world's information with one click

Instagram - to capture and share the world's moments

Uber - evolving the way the world moves

Two biggest mistake product owners make regarding product vision 💥

  1. They are starting product development without a product vision
  1. Product vision becomes too broad and too ambitious so that it's ultimately meaningless

Product vision template

For (target customer)

Who (statement of need or opportunity)

The (product name) is a (product category)

That (key benefit, reason to buy)

Unlike (primary competitive alternative)

Our product (statement of primary differentiation)

What defines value of good products?

1.It makes an undesirable task easier

  1. It has focused value
  1. It lasts
  1. It is intuitive (simple and easy to use)
  1. It is efficient
  1. It helps people

Product roadmap

image

The product roadmap has several ultimate goals

  1. Provide a guiding document for executing the strategy

3.Get internal stakeholders in alignment

  1. Facilitate discussion of options and scenario planning
  1. Help communicate with external stakeholders, including customers
  1. Describe the vision strategy

Building your first product roadmap

  1. Why are we building this product?
  1. What are we hoping to accomplish?
  1. How will this help users?

How your roadmap will evolve as your product matures?

  1. Horizon
  1. Frequency
  1. Dependencies
  1. Goals

Present your roadmap in 4 steps

  1. Know Your audience
  1. Focus on the narrative
  1. Stay high level
  1. Add some metrics to the message